President Obama releases compromise budget proposal

President Barack Obama has released a $3.77 trillion spending plan that would reduce deficits by raising taxes on the wealthy while trimming popular entitlement programs like Social Security.

The proposed budget seeks a compromise between Republican and Democratic spending plans and would reduce spending by an additional $1.8 trillion over the next decade, bringing total deficit savings to $4.3 trillion. It projects a budget deficit of $744 billion in 2014, which would be the lowest since 2008, according to the Associated Press.

The proposal also includes an additional $50 billion in infrastructure investments to fund repairs to highways, bridges, transit systems and airports across the nation.

A proposed increase on taxes for tobacco products would be used to fund a nationwide preschool program for 4-year-olds from low- and moderate-income families, not unlike the program recently approved by voters for San Antonio.

The proposed budget would also restore some of the cuts imposed by the recent sequestration.

It would achieve savings by trimming $400 billion from Medicare and other healthcare programs over 10 years while also scaling back farm subsidy programs.

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